Britain’s new finance minister: UK will collect £32 bln in tax

British Chancellor of the Exchequer Jeremy Hunt on Monday unveiled tax changes he said would raise 32 billion pounds ($36.16 billion) a year in extra revenue as he seeks to end a bond market crisis, reversing earlier government plans to cap energy prices. .

According to “Reuters”, among the changes was the indefinite suspension of the plan to reduce the basic rate of income tax, after it was scheduled to continue until April next year under the original plans of Prime Minister Liz Truss, which sparked turmoil in financial markets.

Hunt said the large cap on energy prices imposed by the government will only last until April, after which the government will look for ways to help the most vulnerable families.

Other tax changes, as part of the original Truss plan, which will not continue, included a reduction in the dividend tax, the creation of a new system of value-added tax-free shopping, a freeze on beverage fees, as well as new rules for self-employment.

“With the two decisions not to cut corporate tax and return to the highest rate of income tax (in mind), the measures announced today will bring their annual proceeds to around £32 billion,” Hunt said.